Today I'm packing up from my vacation in CA and heading back to New York. The NYtimes has a story this mroning about the venture market- In Silicon Valley, Venture Capitalists Turn Cautious and I'm wondering what's new about this story, or indeed unique to the Valley? The contentions of the article:

You can't just say "social networking" and get a pile of cash anymore. I submit that this has been the case for some time, as the social networking space got so crowded in 2007/8 I wasn't sure how many more of these we really needed.